PacWest Bancorp (PACW) : Traders are bullish on PacWest Bancorp (PACW) as it has outperformed the S&P 500 by a wide margin of 2.04% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 2.64%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 2.61% in the last 1 week, and is up 2.43% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
PacWest Bancorp is up 7.03% in the last 3-month period. Year-to-Date the stock performance stands at 1.86%. The stock has recorded a 20-day Moving Average of 2.47% and the 50-Day Moving Average is 5.66%.
PacWest Bancorp (NASDAQ:PACW): The stock opened at $42.06 on Friday but the bulls could not build on the opening and the stock topped out at $42.37 for the day. The stock traded down to $41.72 during the day, due to lack of any buying support eventually closed down at $42.14 with a loss of -0.09% for the day. The stock had closed at $42.18 on the previous day. The total traded volume was 426,336 shares.
Also, Brokerage firm DA Davidson downgrades its rating on PacWest Bancorp (NASDAQ:PACW). The shares have been rated Neutral. Previously, the analysts had a Buy rating on the shares. The rating by the firm was issued on July 18, 2016.
PacWest Bancorp is a bank holding company. The Companys business is to serve as the holding bank for its subsidiary, Pacific Western Bank (Pacific Western or the Bank). It is a commercial bank that offers banking products and services, including accepting demand, money market, and time deposits and originating loans and leases, including an array of commercial real estate loans and commercial lending products. It operates in two segments: Community Banking, which includes the operations of Pacific Western Bank, excluding the CapitalSource Division, and National Lending, which includes the lending operations gained through the CapitalSource Inc. merger, Pacific Western Equipment Finance and the CapitalSource Business Finance Group. The Bank offers products and services through its CapitalSource and Square 1 Bank divisions. The Square 1 Bank Division offers financial services focused on entrepreneurial businesses, and their venture capital and private equity investors.